Trump Signals He Will Scrutinize Netflix-Warner Bros. Discovery Deal, Cites Market-Share Concerns

WASHINGTON — President Donald Trump on Sunday raised antitrust concerns about Netflix’s proposed $72 billion acquisition of Warner Bros. Discovery’s film and television studios and HBO Max streaming service, warning that the combined company would control too large a share of the market.

“It’s got to go through a process, and we’ll see what happens,” Trump told reporters as he arrived at the Kennedy Center Honors gala. “Netflix is a great company… but it’s a lot of market share. I’ll be involved in that decision.”

The deal, announced Friday, would give Netflix control of major franchises including “Game of Thrones,” the DC Universe, “The Sopranos” and “The Wizard of Oz,” pushing its share of global subscription video-on-demand subscribers close to 43%, according to critics of the transaction.

The president’s comments came hours before Paramount Global CEO David Ellison launched a rival, all-cash hostile bid Monday for Warner Bros. Discovery, offering $30 a share and calling it a “superior” proposal that faces fewer regulatory hurdles.

Lawmakers on both sides of the aisle quickly criticized the Netflix transaction.

Sen. Mike Lee, R-Utah, chairman of the Senate Judiciary Subcommittee on Antitrust, said he would schedule an “intense” hearing, citing “a lot of antitrust red flags.” Sen. Elizabeth Warren, D-Mass., called the potential Netflix-Warner combination “an anti-monopoly nightmare” that could raise prices and limit consumer choice.

The Writers Guild of America also urged regulators to block the deal, arguing it would “eliminate jobs, push down wages” and reduce content diversity.

Netflix maintains the acquisition would increase consumer choice and value while strengthening the U.S. entertainment industry.

Any transaction will require approval from the Justice Department and the Federal Communications Commission. Paramount argued Monday that its bid is more likely to clear regulatory review because it would not create the same concentration in streaming.

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